- Pepe coin whale accumulation has once again spiked amid PEPE price’s continued upside momentum.
- This potentially hints at the whale’s confidence in PEPE’s capability to pump more.
- A whale has been recorded accumulating over 900 billion PEPE despite the coin’s continued upward momentum.
Discover the latest developments in the crypto world as a whale accumulates a massive amount of Pepe coin, hinting at further price gains.
PEPE Whale Accumulation Propels Market Optimism
According to the insights revealed by the on-chain analytics platform LookOnChain, the whale address 0x83768.. accumulated a staggering 390.56 billion PEPE from Binance today, May 23. Moreover, in less than two days, the same address has been recorded to have collectively bought a whopping 982.56 billion PEPE, worth $13.6 million, echoing a frenzy amid the meme coin’s continued upside momentum.
Notably, PEPE even hit an ATH today, at $0.00001467. However, instead of selloffs due to potential profit-taking behaviors, Pepe coin accumulations surfaced across the market, underscoring the whale’s confidence in the asset for further gains.
Meanwhile, it’s also worth mentioning the Pepe coin topped the $6 billion market cap today, overtaking Internet Computer Protocol (ICP) in rankings. This further adds to the optimistic market buzz birthed by Pepe coin.
PEPE Price Soars
As of writing, Pepe coin’s price noted a 4.85% upswing in the past 24 hours and is currently trading at $0.00001371. The frog-themed meme token’s 24-hour lows and highs are $0.00001306 and $0.00001467, respectively.
It’s worth noting that despite considerable PEPE liquidations recorded in the past 24 hours, worth $6.20 million, the meme coin has retained its upside movement. This further adds a bullish tint to the token’s cryptographic venture.
However, the RSI rested at 74, hinting that the token has reached overbought territory. This could mean that a price correction looms, although PEPE has already defied usual market sentiments.
Conclusion
The recent whale accumulation of Pepe coin amidst its price surge has sparked significant market optimism. With PEPE hitting new highs and maintaining its upward trajectory despite liquidations, the market sentiment remains bullish. However, the overbought RSI suggests a potential price correction. Investors should stay vigilant and monitor the market closely for further developments.
